8:44pm: Meadows will sign for the full slot value, according to Baseball America's Jim Callis (on Twitter).
7:42pm: The Pirates and Meadows have officially reached an agreement, according to Travis Sawchik of the Pittsburgh Tribune-Review. It's expected to be close to slot value, and Meadows is in Pittsburgh for a physical right now (All Twitter links).
6:35pm: The Pirates are closing in on a deal with first-round pick Austin Meadows, according to Jon Heyman of CBS Sports (on Twitter). Meadows, a high school center fielder from Georgia, was selected with the No. 9 overall pick, which carries an assigned slot value of $3,029,600 according to Baseball America. Meadows is advised by Excel Sports Management.
Meadows ranked as the draft's No. 5 prospect according to both ESPN's Keith Law (Insider subscription required) and MLB.com's Jonathan Mayo, while Baseball America ranked him sixth on their Top 500 list. Law and Mayo note that he has tremendous five-tool potential, though Law cautions that he's a risky commodity because of how much work his hit tool needs. Scouts and evaluators debated whether he or No. 5 overall pick Clint Frazier was a better draft prospect, as they live just a few miles apart in Georgia. The pair grew up playing against each other and have developed a friendly rivalry.
The Pirates received the No. 9 overall pick as compensation for failing to sign Mark Appel in 2012 after they selected him eighth overall. Pittsburgh also picked at No. 14, where they selected Washington prep catcher Reese McGuire.